Is he ready? His dad left a legacy in sports and is still making impacts in football. Does his son also have what it takes, why does that matter? Why can’t he create his own legacy without comparisons?
Awareness and understanding of core personal finance principles including the following:
Budgeting
Understand the definition of budgeting and why it’s important
Understand the types of budget approaches
Learn the general process of budgeting
Develop a clear understanding of the tools and resources for implementing a budget
Saving and Reserving
Understand the types of savings vehicles
Learn the process of goal setting and matching savings to specific goals
Credit and Debt
Understand the purpose of credit and debt
Learn the types of credit and debt and the appropriate uses of each and when to use credit/debt
Insurance
Understand the purpose of insurance
Learn the types of insurance (i.e. life, health, etc.), types of coverage, and the common uses of each
Investments
Description of Account types and investment vehicles
Overview of markets, asset classes, and financial instruments
Understand the common uses of each of the general financial instruments within the context of wealth building and wealth preservation.
